Anonymous wrote:what's an energy audit?

Energy audits are designed to provide home owners with areas of opportunity to improve their home's energy efficiency. They may hook up a fan to your front door and do a blower test as well. Bottom line is that they will likely tell you to increase your insulation in the attic if not at current standards which most are not unless it was recently built. They will identify areas that you are losing heat/AC. This could be through or around windows, exterior wall outlets and exterior doors.

I would not suggest having the company performing the audit do any improvement work without getting at least one other estimate. Most home energy auditors have home improvement companies as well.

Anonymous wrote:

Anonymous wrote:If I want 3 bathrooms, why on earth would my agent waste my !@#$ time showing me places with 2 bathrooms?

I'm the PP that got that feedback, yes, it was bizarre! Did they think a 3rd bathroom and more square footage would appear once they got there?

At the time I had a baby and toddler that I had to get out of the (cleaned!) house for showings, and it incensed me to no end that I did all that work for someone that knew ahead of time the house wasn't for them.

You would not believe how often I get showing requests from my clients for properties that simply don't meet their criteria. At times, we simply have to show them regardless in which case its a waste of the sellers, buyers and my time. I do feel you pain and hopefully you will get an offer soon.

Anonymous wrote:

REALTOR4U wrote:Many of us use a service called Centralized Showing Service or to a lesser extent, Showingtime to schedule showings on our listings. After a showing, the showing agent will receive an email requesting feedback. At our discretion and consultation with our selling client, we can have feedback sent exclusively to us or the seller as well. Sending agent feedback to the seller simply allows them to have the feedback upon receipt or on a weekly basis depending upon the settings. There are pluses and minuses to sharing the feedback. I have been known to give extensive feedback but I bluntly honest. If I feel there is feedback that can help a seller improve the home, I will share it but sellers don't always want to hear it.

There is no point to being bluntly honest about aspects of a seller's home that cannot be changed. None. If you think the house is over priced given lack of updates, size, location, number of baths, say that. But brutal honestly about an aspect of a seller's house that are not changeable make is not helpful. You can be honest, but at least try to be useful. We aren't talking about feedback that could help someone sell.

You are correct about giving feedback about aspects that cannot be changed. However, decluttering, repairing signs of water damage, stained or damage flooring, paint choices and more can be rectified. More often than not, minor adjustments can greatly improve a home's desirability.

Historically there are more homes sold in March-May than any other period which means the market picks up in late January to February depending upon the weather. I held an open house this past Sunday which was very busy and ran nearly 45 minutes over as people kept coming through. If the home is priced appropriately and shows well, it will sell.

Many of us use a service called Centralized Showing Service or to a lesser extent, Showingtime to schedule showings on our listings. After a showing, the showing agent will receive an email requesting feedback. At our discretion and consultation with our selling client, we can have feedback sent exclusively to us or the seller as well. Sending agent feedback to the seller simply allows them to have the feedback upon receipt or on a weekly basis depending upon the settings. There are pluses and minuses to sharing the feedback. I have been known to give extensive feedback but I bluntly honest. If I feel there is feedback that can help a seller improve the home, I will share it but sellers don't always want to hear it.

Anonymous wrote:

Anonymous wrote:Op here, does anyone else have experience with this? Does the down payment and closing costs have to be in my bank account for more than a couple months?

Down payment and closing costs don't have to be in your account for months, but they want to see that you have a couple months reserves that could pay the mortgage if something came up. I believe funds in a 401k count toward those reserves.

You also need to know that any large amount of non-payroll funds that enter your account after you start the loan process will need extensive documentation, so if you have a relative contributing toward the costs, those funds should be in the account for several months before starting the loan process.

OP- Talk with your loan officer for specifics. Lenders will want to see the funds in your account for at least two statement periods. If not, you may need o show where the funds came from.

You want to ask about their marketing(online/professional photos vs self-taken,brochures, ect) Are they aware of the new TRID requirements and can they explain them to you and what impact TRID may have on your sale. Ask them about the market conditions for your area. This is simple for us to access but many agents simply don't know how. Ask how many listings they have had in the last twelve months? What percentage closed? What was the percentage of the sale price to the original list price? What was their average days on market?

Hi-

You stated "Husband and I are in a position where the sale of our current home is not contingent on our future home." Are you currently under contract for your new home? Depending upon your answer, my answer would differ slightly.
If you are under contract, I would be concerned about how many mortgage payments you would be making on a vacant home and if this would outweigh any potential benefit of waiting for the Spring market. While there are more buyers in the Spring, there will also be more sellers. I'm not concerned about potential rise in interest rates. An increase in Fed rates would only have an indirect effect on fixed mortgage rates as they are tied to the ten year bond.
If you are staying put, feel free to roll the dice. While the market does slow, there are homes listed and sold throughout the winter months. As of today, we only have about a 3.5 months of inventory in MoCo.

You are right, price is only on aspect in selling your home and would should be aware of the recent comparable sales. Focus on more recent sales, not those stemming from the Spring market sales. You also need to look at your home with a buyers eye. Perhaps there is something else turning off potential buyers. Review the feedback with an open mind.

Best of luck!

I'm sure it will be okay. Don't be surprised if the lender asks for last minute updates and don't go buy any expensive items or open new credit lines until after you settle.

Congratulations on your home purchase.

Anonymous wrote:useless reports. the house someone wants to buy is worth what they want to buy it for.

not based on any trends. real estate 101.

Actually, a house is worth what a willing buyer and seller can agree upon, not what someone wants to buy it for.

The point of the reports is simply to provide information about the state of the market to those who may be interested in knowing. While you may disagree, others do find this information beneficial.

Anonymous wrote:I'm a financial economist and agree with the above points (made by REALTOR4U). In my opinion, he's correctly diagnosed the present-term and long-term effects of pending interest rate increases.

I'll be even more blunt: rising interest rates will not affect sales prices.

Thank you

It doesn't happen often but is usually the result of a change in the buyer's credit, debt ratios, loss of income or other pertinent information that the buyer fails to provide to the lender (tax repayment plans, failure to file taxes or providing incorrect tax returns to the lender.) It may also occur if a buyer changes jobs and goes from being a W2 employee to a 1099 recipient.

Do you have a concern?

Our crystal ball is murky. I expect the current trends to continue where affordable, closer-in properties continue to well and areas a bit further out will lag. Inventory levels are generally low and if that trend continues into the Spring market, prices may rise a few percent. As for interest rates affecting the market, I expect little to no effect. Interest rates remain historically low and a 4-4.5%, even 5% will be fine. We have been spoiled with low rates.

The bigger problem will be years down the road where homeowners may be reluctant to sell and move-up because the 3.5% rate on their current home may be replaced with a 6%+ mortgage.

Anonymous wrote:What about Prince William County?

Through the first nine months of 2015, the number of homes sold in Prince William County is up 13.4% over 2014, the median sold price of $325,000 is up 2.52%, the average sold price is up .69% at $353,725 and the average days on market is up 22.73% to 54 days. Overall, we currently have about 3.6 months or approximately 2155 homes actively available in the County. Have questions about your area, please let me know.

Interest rates fluctuate daily. They have crept up a bit but overall, they are still strong. Its tough to ask on this site as their are numerous factors that go into interest rates including equity and the borrower's credit. Call a couple of lenders and compare. Under the new TRID guidelines, it will be easier for you to compare.